BrightHouse (retailer)

For the defunct cable television and Internet provider in the United States, see Bright House Networks.
"Crazy George" redirects here. For the American cheerleader, see Krazy George Henderson.

BrightHouse
Company typeSubsidiary
IndustryRetailer
FoundedApril 1994 (1994-04)
Defunct30 March 2020 (2020-03-30)
FateAdministration
Headquarters
Watford
,
United Kingdom
Number of locations
270 stores
Area served
United Kingdom
Key people
Alan Gullan (interim CEO)[1]
ProductsFurniture
Consumer electronics
Household appliances
Number of employees
2,400 (February 2020)[2]
ParentApollo Global Management
Websitewww.brighthouse.co.uk

Caversham Finance Limited, trading as BrightHouse, was the largest rent-to-own company in the United Kingdom, with 240 stores.[3] It was a national chain that provided home electronics, domestic appliances, household furniture, other related products on a hire purchase agreements. Cash loans were offered towards the end of the company's existence.

Caversham Finance Limited was owned by private equity firm Apollo Management.[4]

In October 2017, the company was ordered by the financial regulator, the Financial Conduct Authority, to pay 249,000 customers £14.8m due to the firm not compensating customers who had cancelled agreements after one down payment and to those who signed up to "unaffordable" lending agreements. The FCA said the retailer has not been a "responsible lender" and had treated customers unfairly.[5][6][7][8]

On 30 March 2020, Grant Thornton were appointed as administrators.[9] BrightHouse collapsed as "the company had been struggling after an influx of compensation claims for selling to people who could not repay. Its shops were then shut owing to coronavirus restrictions on retailers."[10]

  1. ^ "BrightHouse appoints Alan Gullan as Interim CEO" (PDF). BrightHouse. 4 February 2020. Archived from the original (PDF) on 28 February 2020. Retrieved 18 February 2021.
  2. ^ Kleinman, Mark (29 February 2020). "Rent-to-own giant BrightHouse on brink of collapse". Sky News. Archived from the original on 1 April 2020. Retrieved 18 February 2021.
  3. ^ Peachey, Kevin (30 March 2020). "BrightHouse: Rent-to-own giant folds as coronavirus shuts shops". BBC News. Archived from the original on 31 January 2021. Retrieved 18 February 2021.
  4. ^ Kleinman, Mark (7 December 2017). "Rent-to-own retailer BrightHouse clinches £220m rescue deal". Sky News. Archived from the original on 30 October 2020. Retrieved 18 February 2021.
  5. ^ "BrightHouse rent-to-own firm pays £14.8m in redress". BBC News. 24 October 2017. Archived from the original on 11 November 2020. Retrieved 18 February 2021.
  6. ^ Kollewe, Julia (24 October 2017). "Rent-to-own retailer BrightHouse ordered to repay £14.8m to customers". The Guardian. Archived from the original on 16 February 2021. Retrieved 19 February 2021.
  7. ^ Sembhy, Ravender (24 October 2017). "BrightHouse: Rent-to-own firm agrees to pay £14.8m for mistreating consumers". The Independent. Archived from the original on 11 November 2020. Retrieved 19 February 2021.
  8. ^ Armstrong, Ashley (24 October 2017). "Electricals lender Brighthouse stumps up £15m in customer redress". The Telegraph. Retrieved 24 October 2017.
  9. ^ "Joint Administration appointment". Archived from the original on 25 May 2020. Retrieved 15 April 2020.
  10. ^ "BrightHouse: Rent-to-own giant folds as coronavirus shuts shops". BBC News. 30 March 2020.